Stock Portfolio & Free Lunch Updates: Some Chop, Still Above Average By: Christopher Mistal | January 15, 2026 | Email | Print

As of today’s close, Russell 2000 is leading the charge higher this January, up an impressive 7.76% with half the month still remaining. Compared to a Russell 1000 gain of 1.64%, small caps are outperforming by a solid 6.12% for a healthy “January Effect” (pages 112 & 144 of STA). In addition to the appearance of this seasonal tendency, it is also encouraging to see all major indexes logging above average gains compared to the recent 21-year average as a positive January Barometer would reinforce our currently bullish outlook for the year.

 

 

Due to the sizable gains thus far this month, January 2026 has been plotted on the right vertical axis in the chart above. Given the pace and magnitude of gains this month, the possibility of a bout of weakness and/or choppiness after mid-month cannot be ruled out entirely. However, should any weakness manifest between now and the end of the month, it is likely to be a buying opportunity, as long as January remains positive.

 

 

After a bumpy, mixed start, Free Lunch stocks have begun to show signs of life this week. All 21 stocks have been added to the Almanac Investor Stock Portfolio using a modest hypothetical allocation of $500. Four positions have been stopped out in total (three were noted in last week’s update). Doximity Inc (DOCS) is the most recent position to be stopped out. Per our suggested guidelines, an 8% trailing stop based upon daily closing price is being used in the portfolio for the Free Lunch stocks. 

 

The open position average return has climbed to 3.4%. Of the remaining 17 stocks, 12 were positive, 4 were negative and Getty Images Holdings Inc (GETY) was unchanged as of the market’s on January14. The top performing stock was National Storage Affiliates Trust (NSA), up 17.1% (up today an additional 2.35%). At the opposite end of the performance spectrum, the worst loser, Empire State Realty Trust Inc (ESRT), is down 7.1% but up nearly 4% today. The recent decline in mortgage interest rates and resulting pickup in real estate activity has aided many of the Free Lunch stocks.

 

As a reminder, Free Lunch stocks are not intended to be held for long, and we will be looking to exit them no later than around mid-February. Should a sizable profit present itself, do not hesitate to lock it in. The exact definition of a sizable profit is yours to decide. We will continue to hold the seventeen remaining positions.

 

 

Over the past four weeks, through the close on January 14, the Almanac Investor Stock Portfolio climbed a modest 1.2% higher, excluding dividends and any potential interest generated by the cash position, compared to a 3.1% advance by S&P 500 and a 6.4% gain by Russell 2000. Across the portfolio, large-cap positions were best on average, advancing 5.5%. Small- and mid-cap positions also contributed with smaller average gains.

 

HealWell AI (HWAIF) remains on Hold. Its shares are still struggling but it appears to have found some support around current prices. There also appears to be a corresponding decline in trading volume which suggests tax-loss selling pressures have or are abating. HWAIF remains a highly speculative trade in a sector that has been struggling recently. The next major catalyst will likely be its fourth quarter and year end 2025 earnings release sometime later in Q1.

 

The other significant blemish in the portfolio is Encompass Health (EHC). It has been essentially in freefall since releasing its earnings in late October of last year even though it did at least meet or slightly beat estimates depending upon data source then. Shares did rebound today after hitting their lowest levels since last April earlier this week. EHC is on Hold. EHC has announced it will release earnings after the market closes on February 5 with an investor call on the following day for discussion.

 

After surging to over $400 per share in late October, InterDigital (IDCC) has been in retreat and closed below its stop loss on December 31. Per standard trading guidelines, detailed at the bottom of the portfolio table below, IDCC was closed out of the portfolio the following day for a total gain of 184.9% after accounting for the sale of half the original position when it first doubled. We are going to keep an eye on IDCC for signs of improvement and positive momentum. Should conditions warrant, we may consider establishing a new position.

 

The previously mentioned decline in mortgage interest rates has also given a boost to Jones Lang LaSalle (JLL) and CBRE Group (CBRE). JLL was up over 4% in today’s trading while CBRE was up over 3.5%. Both positions are now positive and could easily continue to advance as housing sector activity picks up. JLL and CBRE can both still be considered on dips.

 

Please see table below for most recent advice. Note some stop losses and buy limits have been updated to account for recent market moves.